CapitaMalls Asia is expanding its presence in China with the acquisition of an integrated development in Chengdu.
The company said on 8 March it had agreed with CapitaRetail China Development Fund II to buy the integrated development for CNY554.2 million (USD114 million).
Located near a completed metro train station in Chengdu’s Gao Xin district, the integrated project consists of retail, residential and office components.
CapitaMalls Asia estimates total development cost at CNY1.79 billion, including land cost of CNY305 million and construction and fitting-out costs.
When completed, it will have a total gross floor area of 201,813 square metres.